Introduction ■ Microeconomics It studies the effective use of scarce resources from the perspective of individual firms and consumers Macroeconomics It studies how economies' overall levels of employment production, and growth are determined It emphasizes four aspects of economic life >>Unemployment >)Saving >rade imbalances >>Money and the price level3 Introduction ◼ Microeconomics – It studies the effective use of scarce resources from the perspective of individual firms and consumers. ◼ Macroeconomics – It studies how economies’ overall levels of employment, production, and growth are determined. – It emphasizes four aspects of economic life: »Unemployment »Saving »Trade imbalances »Money and the price level